Free cash machines closing at record rate

More than 250 free-to-use cash machines are disappearing a month as operators shut unprofitable ones, the network co-ordinator Link has said.

There are 53,000 free machines in the UK – but the number is shrinking at a record rate as people use less cash.

Now the Payment Systems Regulator (PSR) is cracking down on the closures and asking for more network protection.

“Free-to-use ATMs continue to play a vital role in helping people access their money,” the regulator said.

Hannah Nixon, the PSR’s managing director, said: “The requirements we intend to place on Link will help ensure that Link achieves their commitment to protecting the geographic spread of free-to-use ATMs across the UK.”

Falling demand

Link’s ATM Footprint Report found that between the end of January and the start of July 2018, the number of free-to-use ATMs fell from 54,500 to 53,200.

That is partly because people are using cash less, Link said, thanks to the rise in popularity of new payment methods such as contactless transactions.

But it is also because cash machine operators such as Cardtronics and Note Machine, who get a fee from our banks each time we use one, are finding that fewer of their machines are economic to run.